Nigeria plans N140 billion treasury bill sale next week

Nigeria plans to sell N140.9 billion ($433.5 million) worth of treasury bills at an auction next week, the central bank said on Wednesday.

The bank said it plans to offer 28.12 billion naira of three-month debt, 23.68 billion in six-month bills and 89 billion in one-year notes, using the Dutch auction system, on Sept 21. Settlement will be made next day after the auction.

The central bank issues treasury bills twice a month to help the government fund its budget deficit, support commercial lenders in managing liquidity and curb inflation.

Africa’s biggest economy has a series of debt issues lined up this year, including a 100 billion naira debut domestic sukuk it is marketing to fund infrastructure projects.